Shares of Gap Inc. rose more than 10% late Thursday after the retailer reported growing holiday sales. Gap said its net sales were up 1% and comparable sales up 2% for the November and December holiday season, compared with the 2015 season. Net sales for the five-week period ended Dec. 31 rose 3% to $2.07 billion, compared with $2.01 billion for the five-week period ended Jan. 2, 2016, the company said in a statement. The owner of Gap, Old Navy, and Banana Republic stores upped its full-year per-share earnings expectations, saying it now expects earnings to be “modestly above the high end of our previous adjusted guidance range of $1.92.” Good news at Gap contrasted with lower holiday sales disclosed Wednesday by Kohl’s Corp. and Macy’s Inc., which has dragged on their shares. Gap stock had ended the regular trading day down 3.9%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News